Core Viewpoint - The company is initiating coverage on Century Huatong with a "Buy" rating and a target price of 24.52 yuan, based on a 21X PE for 2026 [1] Group 1: Business Strengths - The core business advantage lies in its subsidiary, Diandian Interactive, which is a leader in the SLG game sector, particularly excelling in overseas markets with popular titles like "Whiteout Survival" and "Kingshot" [1][2] - The company has established a mature methodology for producing hit games, which includes strategies for user acquisition, modular gameplay reuse, and phased payment designs, enhancing the success rate of new projects [2] - The SLG genre is characterized by long life cycles and low post-launch operational costs, making it a highly profitable and sticky category, which is expected to drive sustained revenue growth [2] Group 2: IP Development and Collaboration - In 2023, the company secured a five-year cooperation agreement with a Korean copyright holder for the "Legend" IP, allowing for exclusive rights in mainland China, which is expected to contribute to revenue growth [3] - The collaboration with Tencent provides not only traffic and distribution support but also facilitates the continuous launch of hit products, further solidifying the company's position in the MMO sector [3] Group 3: Market Perspective - The company believes that the successful validation of the SLG genre serves as a core moat for navigating industry cycles, with head products consistently generating stable cash flow [4] - The competitive landscape for user acquisition is becoming more rational, and as SLG products enter the profit realization phase, the company's revenue and overall profitability are expected to improve [4] - Diandian Interactive's ability to innovate within the SLG genre and expand into casual gaming is anticipated to create a "dual-driven" growth pattern [4] Group 4: Financial Projections and Valuation - The company forecasts net profits attributable to shareholders of 57.55 billion, 86.06 billion, and 106.35 billion yuan for the years 2025 to 2027, respectively [5] - Comparable companies in the gaming sector have an average PE of 20.7X for 2026, and given the company's strong positioning in the X+SLG sector, a target valuation of 180.726 billion yuan is set, with a target price of 24.52 yuan [5]

2025年12月31日，按惯例，A股游戏行业龙头企业世纪华通（002602）发布年度"十大新闻"，全面呈现 公司在即将过去一年中的业务布局、AI战略深耕和ESG建设中的突出成果，开放展示谋求高质量发展的 清晰蓝图。 锚定可持续发展，内部建设与ESG双向赋能 在本年度十大新闻中，企业内部建设和ESG被摆在了首位，彰显了公司坚持可持续发展的坚定理念。作 为发展的核心根基，世纪华通已将社会责任与内部治理深度融合，实现生态价值与企业活力同步提 升。"小童善治""来自大山""游戏是怎样炼成的""绿色电脑教室"等一批标杆类的公益项目持续落地，不 仅是公司践行企业社会责任的重要实践，也在不断铸就世纪华通长期被信任的价值。 国内业务游刃有余，长青IP持续发力 国内业务作为公司业绩的压舱石，为持续稳定发展筑牢根基。天游软件打造的《街头篮球》赛事历经20 年沉淀持续释放活力，累计覆盖观众近2亿人次。盛趣游戏围绕长青IP构建起极具竞争力的产品格局， 《冒险岛》《永恒之塔》《传奇世界》《龙之谷》《热血传奇》《最终幻想14》《彩虹岛》等经典端游 产品稳步贡献业绩；《盟重神兵》《龙之谷世界》等"端改手"IP产品精准契合市场需求，收获玩家 ...

每经记者｜张梓桐 每经编辑｜余婷婷 NBD：您在最近一次的投资者交流会上强调"以全球化视角观察世纪华通"。在此视角下，公司的研发资源分配、发行优先级如何排 序？未来3年，是否有海外收入占比目标？ 谁也没预料到，几年前还陷在"并购整合阵痛+行业竞争挤压"双重困境里的世纪华通（SZ002602，股价17.47元，市值1288亿元），会 在2025年完成一场教科书式的逆袭，牢牢占据A股游戏行业市值第一的位置。 曾经，这家靠汽配转型游戏的公司，在2022年还经历着业绩承压、转型遇阻的调整期——收购盛大游戏后的整合难题尚未完全化解， 国内市场又被腾讯、网易牢牢占据七成以上份额，海外业务还在探索期，股价长期在低位徘徊。如今，市值突破千亿元大关，海外收 入占比首超50%……多重高光节点叠加，世纪华通正式闯入全球化竞争的新赛道。 视觉中国图 这场从低谷到巅峰的跨越，背后站着始终握稳方向盘的王佶。这位复旦大学计算机保送生出身的浙商，带着"务实与冒险"的双重基 因，早在2014年就携天游软件加入世纪华通，并主导了多起收购案。这正是公司转型最关键也最艰难的阶段，王佶硬生生推动手游收 入占比从30%跃升至70%，为后续突围埋下伏笔。 ...

曾经，这家靠汽配转型游戏的公司，在2022年还经历着业绩承压、转型遇阻的调整期——收购盛大游戏 后的整合难题尚未完全化解，国内市场又被腾讯、网易牢牢占据七成以上份额，海外业务还在探索期， 股价长期在低位徘徊。如今，股价一年涨超两倍、市值突破千亿元大关、海外收入占比首超50%多重高 光节点叠加，世纪华通正式闯入全球化竞争的新赛道。 这场从低谷到巅峰的跨越，背后站着始终握稳方向盘的王佶。 这位复旦大学计算机保送生出身的浙商，带着"务实与冒险"的双重基因，早在2014年就携天游软件加入 世纪华通，并主导了多起收购案——那正是公司转型最关键也最艰难的阶段，他硬生生推动手游收入占 比从30%跃升至70%，为后续突围埋下伏笔。 但高光之下，质疑声从未消散：在腾讯、网易垄断国内市场的红海中，世纪华通押注的出海赛道，能持 续复制爆款吗？面对不同市场的文化差异，本地化适配的难题又该如何破解？ 对此，王佶的答案只有四个字："相信数据"。近日，这位从低谷中带领公司突围的掌舵人，接受了《每 日经济新闻》记者（以下简称NBD）的独家专访，拆解世纪华通"小成本、快迭代"的核心壁垒，也回应 了行业对这场逆袭可持续性的追问。 谈全球化：采用 ...

2025年底，上海向全球游戏产业投下一枚重磅政策棋子。 在刚刚结束的2025年度中国游戏产业年会上，《上海市关于支持游戏电竞产业发展的若干举措》（简称"游戏沪十条"）正式亮相。政策从打造产业高地到 加强科技和资本赋能，覆盖了游戏产业的十大关键环节，上海市政府每年将安排专项资金予以支持，政策决心可谓前所未有。 政策的"发令枪"已经打响，作为行业"头部玩家"的世纪华通，如何将这股自上而下的"政策东风"，转化为由内而外的增长动能？其答案，或许正藏在公司 多年锻造的"体系化能力"与此次政策所构成的"放大器"效应之中。 万亿生态成型 政策锚定产业升级的三重航向 随着游戏在全社会的渗透不断加深，其经济辐射价值持续放大。中国音数协游戏工委在2025中国游戏产业年会"游戏助力经济生态发展"论坛上披露，2025 年中国游戏及相关产业总体贡献规模突破1.2万亿元，形成"核心层筑基、关联层放大、辐射层延伸"的完整生态。其中，核心层的4972亿元产值筑牢产业 根基，关联层涵盖渠道、营销、云服务、电竞等5548亿元规模，辐射层则延伸至文旅、展会等1730亿元线下消费场景，游戏已成为链接数字与实体经济的 重要纽带，深度融入国民经济"双循 ...

Core Viewpoint - Century Huatong has transformed from a financially troubled company to a market-favored "game king" due to its successful mobile game "Whiteout Survival," which has generated over 20 billion yuan in revenue by September 2023 [1][12]. Financial Performance - As of November 13, 2025, Century Huatong's stock price reached 19.17 yuan per share, with a total market capitalization of 142.4 billion yuan, making it the highest valued game company in A-shares [2]. - The company's stock price has increased by 272.96% year-to-date as of November 13, 2025, with a total market value increase of 104.1 billion yuan [3]. - For the first three quarters of 2025, Century Huatong reported revenue of 27.22 billion yuan, surpassing the total revenue of the previous year, and a net profit of 4.36 billion yuan, reflecting a year-on-year growth of 141.65% [11]. Business Transformation - Century Huatong transitioned from an automotive parts manufacturer to a gaming company starting in 2014, acquiring several game companies and significantly increasing its goodwill [5][6]. - The company faced financial risks due to its rapid acquisitions, leading to a significant increase in goodwill from 2 billion yuan in 2017 to 22.05 billion yuan in 2020 [7]. Game Success - "Whiteout Survival," developed by Century Huatong's subsidiary, has become a top performer in both domestic and international markets, achieving over 200 million downloads and generating over 3.5 billion USD (approximately 24.8 billion yuan) in global revenue by September 2023 [12][13]. - The game has maintained a leading position in the Chinese mobile game export revenue rankings for 15 consecutive months and topped the global mobile game revenue chart in March 2023 [12]. Regulatory Issues - Century Huatong was previously penalized for financial misconduct, including false reporting of goodwill and revenue recognition, leading to a significant decline in stock price [4][9]. - The company has since corrected its financial statements for 2018 to 2022 and has faced investor lawsuits totaling approximately 73.16 million yuan [9]. Market Position - Century Huatong has positioned itself as a key player in the gaming industry, leveraging its strong IP portfolio and backing from Tencent to enhance its market presence [13].

Core Viewpoint - Century Huatong Group has successfully removed its risk warning status, leading to a significant increase in its stock price and market capitalization, positioning it as the leading gaming company in the A-share market [2][3]. Group 1: Stock Performance and Market Position - After the removal of the risk warning, Century Huatong's stock price rose for two consecutive days, closing at 19.17 yuan per share on November 13, 2025, with a total market value of 142.4 billion yuan [2]. - The stock has seen a remarkable increase of 272.96% year-to-date as of November 13, 2025, with a total market value increase of 104.1 billion yuan [2][8]. - Century Huatong has become the largest gaming company by market capitalization among 23 gaming companies listed in A-shares [2]. Group 2: Financial and Regulatory Background - The company faced financial scrutiny due to false financial reporting from 2018 to 2022, leading to its designation as "ST Huatong" on November 8, 2024 [3][7]. - The company was penalized by the China Securities Regulatory Commission (CSRC) for failing to conduct proper goodwill impairment tests and for other financial misreporting, resulting in a fine of 8 million yuan [7][6]. - As of September 30, 2025, Century Huatong's goodwill stood at 11.981 billion yuan, accounting for 27.71% of total assets, a slight decrease from 30.88% at the end of 2024 [11]. Group 3: Business Transformation and Growth - Century Huatong transitioned from an automotive parts manufacturer to a gaming company starting in 2014, acquiring several gaming firms, including a significant acquisition of Shengqu Games for 29.8 billion yuan in 2019 [3][4]. - The company reported a revenue of 92.76 billion yuan for the first half of 2024, a 53.33% increase year-on-year, and a net profit of 11.58 billion yuan, up 33.41% [8]. - For the first three quarters of 2025, Century Huatong's revenue reached 272.23 billion yuan, surpassing the total revenue for the previous year, with a net profit of 43.57 billion yuan, reflecting a year-on-year growth of 141.65% [9]. Group 4: Key Products and Market Strategy - The success of the game "Whiteout Survival" has been a significant driver of Century Huatong's revenue growth, achieving over 200 million downloads globally and ranking first in overseas mobile game revenue [9][10]. - The company has also launched new mobile games and holds several classic IPs, enhancing its market presence and competitiveness [10]. - To maintain growth, Century Huatong's sales expenses surged to 10.568 billion yuan in the first three quarters of 2025, a 103.40% increase year-on-year [11].

Core Points - Century Huatong Group Co., Ltd. (formerly ST Huatong) announced a one-day suspension of trading on November 11, 2025, with resumption on November 12, and the removal of risk warnings, changing its stock name back to "Century Huatong" [1] - Following the resumption, the stock price surged to 18.51 CNY per share, marking a 5.11% increase, signaling the company's return to the capital market [3][4] - The company faced financial violations leading to penalties totaling 14 million CNY and was designated as ST Huatong, with a trading limit of 5% [5] - The stock price experienced significant volatility, dropping from 5.1 CNY to 4.2 CNY upon the initial ST designation, but later rebounded significantly [5][6] - By July 4, 2025, the stock price had risen to 11.9 CNY, representing over a 140% increase from its lowest point [7] - The company achieved a market capitalization exceeding 100 billion CNY, marking a significant milestone for A-share listed gaming companies post-pandemic [7] - The stock reached a historical peak of 22 CNY, reflecting nearly a 600% annual increase [8] Financial Performance - Century Huatong reported impressive financial results for the first three quarters of 2025, with revenues of 78.69 billion CNY in Q1, 93.38 billion CNY in Q2, and 100.16 billion CNY in Q3, showing year-on-year growth of 85.2%, 78.5%, and 60.2% respectively [11] - The net profit attributable to shareholders was 11.85 billion CNY in Q1, 14.71 billion CNY in Q2, and 17.01 billion CNY in Q3, with year-on-year growth rates of 135.4%, 142.1%, and 163.8% respectively [11][12] Strategic Initiatives - In 2025, the company initiated a strategic shift towards AI, with a focus on integrating AI technology into its operations to enhance efficiency and capture opportunities in the trillion-dollar AI market [10] - Century Huatong organized the first "Shulong Cup" global AI game and application innovation competition to promote its commitment to AI and talent acquisition [10] - The company has a robust product lineup, with its game "Endless Winter" leading the Chinese mobile game overseas revenue charts for 15 consecutive months, generating over 3.5 billion USD (approximately 249 billion CNY) [10] - The company is also revitalizing classic IPs and exploring new game categories, with successful launches and collaborations aimed at expanding its market presence [14][15][17] Market Position - Century Huatong's subsidiary, Century Games, ranked first in the global mobile game publisher list, showcasing its strong market presence and commercial viability [17][18] - The company is actively expanding its overseas market footprint, with new titles achieving significant success in various regions [18]

Group 1 - The gaming sector experienced a decline in early trading on November 4, with the gaming ETF (159869) dropping around 1.5%. Major stocks such as Jiubiter, Youzu Interactive, and Perfect World saw significant declines, while Sanqi Interactive was the only stock to rise [1] - As of November 3, the gaming ETF (159869) had a net inflow of funds amounting to 2.03 billion yuan over the past 20 trading days, indicating strong investor interest. The product's scale reached 11.34 billion yuan, facilitating investors' access to leading A-share gaming companies [1] - On November 3, Century Huatong announced a strategic partnership between its subsidiary Shengqu Games and Mango TV to expand the "Mango Play" mini-game platform. This collaboration aims to enhance user operations, product introduction, and monetization strategies, leveraging Shengqu's IPs like "Legend of Blood" and "Dragon Nest" [1] Group 2 - In Q3 2025, the media industry reported revenues of 135.28 billion yuan, a year-on-year increase of 8.6%, with net profit attributable to shareholders reaching 10.4 billion yuan, up 43.7%. The gaming sector was a key driver of this growth, with gaming sub-sector revenues at 33.02 billion yuan (up 27.1%) and net profit at 5.88 billion yuan (up 111%) [2] - Active funds significantly increased their holdings in the high-growth gaming sector, with 7 out of the top 10 media stocks being gaming companies, highlighting the sector's prominence in fund allocation [2] - The gaming sector is benefiting from multiple catalysts, including AI, content, and commercialization model transformations, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry [2]

Group 1: Shanghai Disneyland Expansion - Shanghai Disneyland has welcomed its 100 millionth visitor in nine years, highlighting its status as a world-class tourist destination [1] - The park will initiate a new expansion project, including the construction of a fourth themed hotel and additional shopping, dining, and entertainment areas to meet growing visitor demand [1] - The new hotel will be located near the main entrance of the park, providing guests with a unique immersive experience and convenient access to the park [1] Group 2: Gold Jewelry Price Increase - Following the announcement of new tax policies by the Ministry of Finance and the State Administration of Taxation, gold jewelry prices have increased by 5% to 6% [2] - Specific examples include the price of 999 gold jewelry from Cai Bai rising to 1238 yuan per gram, a 6% increase, and Chow Tai Fook's price increasing by 5.09% to 1259 yuan per gram [2] - Some banks have suspended the exchange of personal gold accumulation for physical gold, indicating a market reaction to the new policies [2] Group 3: Television Production Data - In September, 141 television (including web series) productions were registered, with regular series accounting for 39.01% and web stories making up 36.88% [3] - Contemporary themes dominated with 62.41% of the productions, reflecting a market preference for realistic narratives [3] - The rise of short series and web stories indicates a shift in content consumption patterns, with over 50% of productions falling into these categories [3] Group 4: Strategic Cooperation in Gaming - Shengqu Games has signed an exclusive strategic cooperation agreement with Mango TV to expand the content matrix of the "Mango Fun" mini-game platform [4] - This partnership aims to leverage Shengqu's popular IPs and Mango TV's user base to enhance user engagement and explore new business models [4] - The collaboration signifies a strategic move into the mini-game market, emphasizing the potential for cross-industry integration and content monetization [4]